Political connections and minority-shareholder protection: Evidence from securities-market regulation in China

Journal of Financial and Quantitative Analysis

Volumn 45, Issue 6, 2010, Pages 1391-1417

  Berkman, Henk ^a   Cole, Rebel A ^b   Fu, Lawrence J ^c  

^a UNIVERSITY OF AUCKLAND BUSINESS SCHOOL   (New Zealand)

^b DEPAUL UNIVERSITY   (United States)

^c Australia and New Zealand Banking Group   (Australia)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 79952910035     PISSN: 00221090     EISSN: 17566916     Source Type: Journal    
DOI: 10.1017/S0022109010000608     Document Type: Article

References (44)

1. Allen, F.; J. Qian; and M. Qian. "Law, Finance and Economic Growth in China." Journal of Financial Economics, 77(2005), 57-116. (Pubitemid 40829504)
2. Bennedsen, M., and D. Wolfenzon. "The Balance of Power in Closely Held Corporations." Journal of Financial Economics, 58(2000), 113-139.
3. Berkman, H.; R. A. Cole; and L. J. Fu. "Improving Corporate Governance Where the State Is the Controlling Block Holder: Evidence from China." Working Paper, available at SSRN: http://ssrn.com/abstract=1020170 (2007).
4. Berkman, H.; R. A. Cole; and L. J. Fu. "Expropriation through Loan Guarantees to Related Parties: Evidence from China." Journal of Banking & Finance, 33(2009), 141-156.
5. Berle, A., and G. Means. "The Modern Corporation and Private Property." New York, NY: MacMillan (1932).
6. Black, B. "Does Corporate Governance Matter? A Crude Test Using Russian Data." University of Pennsylvania Law Review, 149(2001), 2131-2150.
7. Chen, G.; M. Firth; D. N. Gao; and O. M. Rui. "Is China's Securities Regulatory Agency a Toothless Tiger? Evidence from Enforcement Actions." Journal of Accounting and Public Policy, 24(2005), 451-488. (Pubitemid 43019644)
8. Chen, G.; M. Firth; D. N. Gao; and O. M. Rui. "Ownership Structure, Corporate Governance, and Fraud: Evidence from China." Journal of Corporate Finance, 12(2006), 424-448. (Pubitemid 43578320)
9. Chen, G.; M. Firth; and L. Xu. "Does the Type of Ownership Control Matter? Evidence from China's Listed Companies." Journal of Banking & Finance, 33(2009), 171-181.
10. Cheung, Y.-L.; P. R. Rau; and A. Stouraitis. "Tunneling, Propping and Expropriation: Evidence from Connected Party Transactions in Hong Kong." Journal of Financial Economics, 82(2006), 343-386 (Pubitemid 44469273)
11. Cheung, Y.-L.; P. R. Rau; and A. Stouraitis. "Helping Hand or Grabbing Hand? Central vs. Local Government Shareholders in Chinese Listed Firms." Review of Finance, 14(2010), 669-694.
12. Chhaochharia, V., and Y. Grinstein. "Corporate Governance and Firm Value: The Impact of the 2002 Governance Rules." Journal of Finance, 62(2007), 1789-1825.
13. Claessens, S.; S. Djankov; J. P. H. Fan; and L. H. P. Lang. "Disentangling the Incentive and Entrenchment Effects of Large Shareholdings." Journal of Finance, 57(2002), 2741-2771. (Pubitemid 36932099)
14. Delios, A. "NUS Business School's Database of Chinese Listed Firms' Ownership Structures." Working Paper, National University of Singapore (2006).
15. Delios, A.; Z. J. Wu; and N. Zhou. "A New Perspective on Ownership Identities in China's Listed Companies." Management and Organization Review, 2(2006), 319-343.
16. Denis, D. K., and J. J. McConnell. "International Corporate Governance." Journal of Financial and Quantitative Analysis, 38(2003), 1-36. (Pubitemid 36363924)
17. Djankov, S.; R. la Porta; F. Lopez-de-Silanes; and A. Shleifer. "The Law and Economics of Self-Dealing." Journal of Financial Economics, 88(2008), 430-465.
18. Faccio, M.; R. W. Masulis; and J. J. McConnell. "Political Connections and Corporate Bailouts." Journal of Finance, 61(2006), 2597-2635.
19. Fan, J. P. H.; T. J. Wong; and T. Zhang. "The Emergence of Corporation Pyramids in China." Working Paper, Chinese University of Hong Kong (2005).
20. Fan, J. P. H.; T. J. Wong; and T. Zhang. "Politically Connected CEOs, Corporate Governance, and Post-IPO Performance of China's Newly Partially Privatized Firms." Journal of Financial Economics, 84(2007), 330-357.
21. Firth, M.; P. M. Y. Fung; and O. M. Rui. "Corporate Performance and CEO Compensation in China." Journal of Corporate Finance, 12(2006), 693-714. (Pubitemid 43758204)
22. Fisman, R. "Estimating the Value of Political Connections." American Economic Review, 91(2001), 1095-1102. (Pubitemid 33596447)
23. Glaeser, E.; S. Johnson; and A. Shleifer. "Coase versus the Coasians." Quarterly Journal of Economics, 116(2001), 853-899. (Pubitemid 33583977)
24. Holderness, C. G. "The Myth of Diffuse Ownership in the United States." Review of Financial Studies, 22(2009), 1377-1408.
25. Jensen, M. C., and W. J. Meckling. "Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure." Journal of Financial Economics, 3(1976), 305-360.
26. Johnson, S.; R. la Porta; F. Lopez-de-Silanes; and A. Shleifer. "Tunneling." American Economic Review, 90(2000), 22-27.
27. Johnson, S., and T. Mitton. "Cronyism and Capital Controls: Evidence from Malaysia." Journal of Financial Economics, 67(2003), 351-382. (Pubitemid 36027701)
28. Jones, S. L.; W. L. Megginson; R. C. Nash; and J. M. Netter. "Share Issue Privatizations as Financial Means to Political and Economic Ends." Journal of Financial Economics, 53(1999), 217-253.
29. Klapper, L. F., and I. Love. "Corporate Governance, Investor Protection, and Performance in Emerging Markets." Journal of Corporate Finance, 10(2004), 703-728. (Pubitemid 39538362)
30. La Porta, R.; F. Lopez-de-Silanes; and A. Shleifer. "Corporate Ownership around the World." Journal of Finance, 54(1999), 471-517.
31. La Porta, R.; F. Lopez-de-Silanes; A. Shleifer; and R. W. Vishny. "Law and Finance." Journal of Political Economy, 106(1998), 1113-1155. (Pubitemid 29181957)
32. La Porta, R.; F. Lopez-de-Silanes; A. Shleifer; and R. W. Vishny. "Investor Protection and Corporate Governance." Journal of Financial Economics, 58(2000), 3-27.
33. La Porta, R.; F. Lopez-de-Silanes; A. Shleifer; and R. W. Vishny. "Investor Protection and Corporate Valuation." Journal of Finance, 57(2002), 1147-1170. (Pubitemid 36932128)
34. La Porta, R.; F. Lopez-de-Silanes; and G. Zamarripa. "Related Lending." Quarterly Journal of Economics, 118(2003), 231-268. (Pubitemid 36263886)
35. Lins, K. V. "Equity Ownership and Firm Value in Emerging Markets." Journal of Financial and Quantitative Analysis, 38(2003), 159-184. (Pubitemid 36363930)
36. MacNeil, I. "Adaptation and Convergence in Corporate Governance: The Case of Chinese Listed Companies." Journal of Corporate Law Studies, 2(2002), 289-344.
37. Mei, J.; J. Scheinkman; and W. Xiong. "Speculative Trading and Stock Prices: Evidence from Chinese A-B Share Premia." Working Paper, New York University (2005).
38. Sefcik, S. E., and R. Thompson. "An Approach to Statistical Inference in Cross-Sectional Models with Security Abnormal Returns as Dependent Variable." Journal of Accounting Research, 24(1986), 316-334.
39. Shleifer, A., and R. W. Vishny. "A Survey of Corporate Governance." Journal of Finance, 52(1997), 737-783. (Pubitemid 127344405)
40. Sun, Q., and W. H. S. Tong. "China Share Issue Privatization: The Extent of Its Success." Journal of Financial Economics, 70(2003), 183-222. (Pubitemid 37282267)
41. Tenev, S.; C. Zhang; and L. Brefort. Corporate Governance and Enterprise Reform in China: Building the Institutions of Modern Markets. Washington, DC: The World Bank and International Finance Corporation (2002).
42. Wei, Z.; F. Xie; and S. Zhang. "Ownership Structure and Firm Value in China's Privatized Firms: 1991-2001." Journal of Financial and Quantitative Analysis, 40(2005), 87-108. (Pubitemid 40427499)
43. Xu, X., and Y. Wang. "Ownership Structure and Corporate Governance in Chinese Stock Companies." China Economic Review, 10(1999), 75-98.
44. Zhu, S. Securities Regulation in China. London, UK: Simmonds & Hill Publishing Ltd. (2000).